Next Year Apartment Supply 300,000 Units... Seoul Drops Sharply by 59%

Seoul to Have 12,334 Households Move In Next Year
Gyeonggi with 103,335 Households, the Largest Nationwide
32,842 Households Move In January... Highest in 5 Years

The nationwide apartment move-in volume in 2024 is expected to be 300,000 units, a 4.6% decrease compared to this year (321,252 units). In Seoul, the volume is projected to drop by about 59%, raising concerns over rising jeonse prices.

The government announced that the actualization rate of publicly announced real estate prices will be frozen at the 2020 level. The photo shows a newly built apartment complex in Seoul on the 21st. Photo by Jinhyung Kang aymsdream@

On the 27th, Zigbang reported that the total apartment move-in volume nationwide next year (excluding rentals) will be 306,361 units. The move-in volume in the metropolitan area is 141,533 units, down 18% from the previous year, while the provinces will see an 11% increase to 164,828 units.

In Seoul, 12,334 units are scheduled for move-in, which is more than a 50% decrease compared to this year (30,470 units). With the sales market shrinking and jeonse prices rising, the reduced move-in volume is expected to cause significant fluctuations in jeonse prices.

2024 Monthly and Semiannual Nationwide Apartment Move-in Volume (Data Provided by Zigbang)

By half-year, the supply volume in the first half of next year (160,270 units) is higher than in the second half (146,091 units).

Especially in January (32,842 units), March (34,895 units), and December (31,370 units), more than 30,000 units are scheduled for move-in, which is expected to invigorate related industries such as moving and interior design.

The annual move-in volume by region is in the order of Gyeonggi (103,335 units), Incheon (25,864 units), Daegu (23,971 units), Gyeongbuk (22,960 units), and Chungnam (20,586 units), with these regions each expecting more than 20,000 units to move in.

In Incheon, Daegu, and Busan, where there were concerns about oversupply this year, the move-in volume is expected to decrease next year.

January Move-in Volume by Year (left), January Move-in Volume in the Metropolitan Area and Provinces Compared to the Previous Month and the Same Month Last Year (Data Provided by Zigbang)

The January move-in volume is the highest in the past five years, with 55 complexes and 32,842 units. In the metropolitan area, 16,838 units will move in, and in the provinces, 16,004 units, showing a relatively even distribution by region.

There are nine large apartment complexes with more than 1,000 units scheduled for move-in in January. These include 'Cheonan Hanyang Sujain Eco City' (3,200 units) in Cheonan, Chungnam, and 'Osan Lotte Castle Sky Park' (2,339 units) in Osan, Gyeonggi. In Gyeonggi Province, besides Osan, large complexes are also scheduled for move-in in Paju, Yongin, Yangju, and Ansan.

By region, Gyeonggi Province has the highest January move-in volume with 12,605 units. In Seoul, 1,509 units will welcome residents across eight projects in Gangdong, Songpa, Yangcheon, and Gangseo districts. In Incheon, 2,724 units will be supplied in Jung-gu, Yeonsu-gu, and Seo-gu areas.

In the provinces next month, 16,004 units will move in, an increase compared to December (14,811 units). The order is Chungnam (5,737 units), Gyeongnam (2,262 units), Gyeongbuk (1,555 units), Gangwon (1,498 units), Sejong (1,350 units), and Jeonbuk (1,119 units). However, there are no move-ins scheduled in January for Daejeon, Chungbuk, and Jeonnam.